Renault Partners With Geely To Form Internal-Combustion JV

Renault Partners With Geely To Form Internal-Combustion JV
  • Renault ADR RNLSY and Chinese automotive company Geely signed an agreement to form a new global company to develop, produce and supply advanced hybrid and low-emission powertrains.
  • Under the framework agreement, Geely and Renault Group will hold respective 50-50 equity stakes in the new company.
  • The new company will be a standalone global supplier of propulsion system solutions, producing next-generation hybrid propulsion systems and developing carbon-free and low-emission technologies from five global R&D centers.
  • At launch, the company is expected to supply multiple industrial customers. In future, the partnership could also offer powertrain technologies to third-party car brands.
  • On completion, the new company will comprise 17 powertrain plants and 5 R&D centers on three continents with around 19,000 employees, supplying 130 countries.
  • "We'll be able to offer best-in-class powertrain and electrified solutions to multiple OEM brands worldwide, unleashing the market potential for this low emission technology," said CEO Luca de Meo.
  • The agreement is expected to lead to formal combination in 2023. 
  • Price Action: RNLSY shares closed higher by 4.38% at $6.32 on Monday.
  • Photo Via Company

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